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by Laforet
1687 days ago
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Much of their domestic debt has been quietly swapped for equity and commercial papers over the past few years. A tonne of unsecured debt that they have no intention nor ability to pay back. The reason why Evergrande has accumulated so much foreign debt in the first place is because no domestic bank wanted to touch them with a ten foot pole. After all they have effectively defaulted once already by unilaterally declaring an equity swap on 130 billion CNY worth of maturing bonds in September last year. |
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